EMI calculator
Move the sliders to see what a loan actually costs you each month — and how much of what you repay is interest rather than principal.
5 lakh
60 months
Monthly EMI
₹10,747
22%of what you repay is interest
- Principal
- ₹5,00,000
- Total interest
- ₹1,44,817
- Total payable
- ₹6,44,817
Indicative only. Your actual EMI depends on the rate the lender sanctions.
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About EMIs
How is EMI calculated?
EMI = P × r × (1+r)^n ÷ ((1+r)^n − 1), where P is the loan amount, r is the monthly interest rate (annual rate divided by twelve, then by a hundred) and n is the number of monthly instalments. Every lender in India uses this same formula.
Does a longer tenure make a loan cheaper?
It makes the monthly EMI smaller and the loan more expensive overall, because you pay interest for longer. Move the tenure slider and watch the total interest figure — the difference between fifteen and thirty years on a home loan is usually many lakhs.
Why is my bank's EMI different from this?
Usually because of the rate. This calculator uses the rate you type in; a lender applies the rate they actually sanction for your profile. Processing fees, insurance premiums bundled into the loan, and the exact disbursal date also shift the figure slightly.
Should I make part-prepayments?
On a floating-rate home loan, almost always — prepayments made early in the tenure cut a disproportionate amount of interest, and RBI rules bar most lenders from charging a prepayment penalty on floating-rate loans to individuals. Ask us to work out the saving for your specific loan.